Russell Maher Jailed For $1.55 Million Fraud

A foreign exchange broker who defrauded his clients of approximately $1.55 million by using forged documents has been sentenced to three years and four months’ imprisonment.

Russell Maher (53) was sentenced today in the Auckland District Court on 47 representative charges of ‘Using forged documents’ brought by the Serious Fraud Office. The charges relate to Forex Brokers Limited (FBL), through which the defendant provided foreign exchange services.

Mr Maher sought to maintain client confidence in his business by forging documents, which misrepresented the timing of foreign currency transactions he conducted on behalf of his clients. In doing so he concealed the deteriorating financial position of FBL.

The Director of the SFO, Julie Read, said, “Mr Maher’s dishonest, repetitive and premeditated offending resulted in significant financial losses to his clients. He abused his position of trust to create the illusion that his business was successful when it was not. Such deceitful behaviour damages New Zealand’s reputation as a safe place to invest and do business.”

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